Adani Enterprises’ stock jumps after a 413-page refutation of the Hindenburg Research study.
Following a forceful 413-page rebuttal of the Hindenburg Research study by Adani Group on Sunday, Adani Enterprises’ share price today saw substantial purchasing in early morning deals and hit the upper circuit within a few minutes of the stock market’s opening bell. Adani Enterprises shares opened higher in the morning session, reaching an intraday high of 3,037.55 per share, locking in a 10% upper circuit. On the BSE, Adani Enterprises shares saw a 1.79-fold increase in trade volume and reached the upper circuit after soaring to 3,038.35 per share.
Adani Ports shares, like other Adani group stocks, hit the upper circuit on the BSE and NSE within minutes of the stock market opening bell today. Adani Ports, like Adani Enterprises, opened on the positive today and hit the upper circuit after rising 10% from its Friday finish of 596.95 per share. In the early morning session on Monday, shares of ACC Ltd and Ambuja Cements also saw purchasing interest.
Other Adani group stocks, on the other hand, continued their losing streak for the third straight session on Monday. Adani Power’s share price opened lower today and locked in a 5% lower circuit for the third day in a row. The share price of Adani Total Gas was also under significant selling pressure in the early morning session, and it closed at a lower circuit for the second consecutive day.
Adani Green Energy shares were also under pressure at the opening bell today, hitting a new 52-week low of 1,216.05 on the NSE.
The Adani Group's response to the Hindenburg study report
Adani Group claimed in a new and robust reaction to Hindenburg Research study company’s debt positioning that Hindenburg report was created with a clear intent to profit at the expense of our shareholders and public investors. Its report is neither independent nor objective. It is a deceptive document riddled with conflicts of interest and designed solely to create a false market in stocks in order to book unjust gain, which obviously constitutes securities fraud under Indian law.
“Hindenburg asked 88 questions, 68 of which have already been duly disclosed by Adani Group entities in their individual annual reports, offering memorandums, financial statements, and stock exchange filings from time to time. Sixteen of the twenty inquiries concern public shareholders and their sources of funding, while the remaining four are just unfounded charges. Needless to mention, Hindenburg invented these questions to divert the attention of its target audience while managing its short bets at the expense of investors “Adani Group responds to allegations.
Adani group claimed that the Hindenburg Research report on Adani group debt positioning was an attempt to sabotage their most ambitious Adani Enterprises FPO “We have serious concerns about Hindenburg’s decision to mislead investors, watchdogs, and policymakers at a time when Adani Group has launched the country’s largest FPO,” he added. It is an attack on the faith of Adani Group’s stakeholders undermines its commitment for the ‘Growth with Goodness’.”